In a family you can’t choose your relatives, with a board you should and must choose your fellow directors carefully. Early April I will be blogging about a true story, and you could not make it up.
Originally posted on VentureBeat:
This is a guest post by Eran Laniado, the managing director of BMN!.
Has this happened to you? You needed to consult with a friend about an important matter, but when you finally met, you realized that he was hardly interested in your problem. Even worse, he half-heartedly gave you vague and remotely related advice. Could it get more frustrating?
Similarly, a CEO may feel that the board of directors does not help the company. She may be right — board meetings could be a waste of time; board members may be unproductive or burdensome; in the worst cases, lack of board cooperation may prevent a successful exit. Kevin Rose got an offer to sell Digg for $60 million a few years ago, but his board rejected it. Digg was sold for mere $500,000 back in July 2012.
Board ineffectiveness often stems from board nomination mistakes. Here are…
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